TCS Launching ‘Gig-Based’ Platform For Employees: Will This Stop Moonlighting?
The IT Giant, TCS, who was making headlines with their moonlighting woes is now planning a platform for internal “gigs” for its over 600,000 employees.
The platform is currently in the initial stage right now. However, it can be expanded to the external workforce as well later.
Moonlighting has been a matter of concern for corporates, it is the act of taking up additional assignments by employees usually during non-work hours.
POC on Gig Models
Milind Lakkad, chief human resource officer of TCS said that “We are starting a few proofs of concept (PoCs) on gig models but it is upon our own internal engagement and does not involve any customer engagements. We have a set of activities which can be crowd-outsourced and can be given out to people who are interested. The reward mechanism (for the gig) doesn’t have to be (monetary) compensation but definitely something that recognises people.”
The company wants to evolve this into an internal gig-operating model for TCS.
CHRO said that “Eventually, for a scale like ours, I see a long-term model where we will use this for even the external workforce…”.
New models are being set up by many IT companies, whereas some are leveraging previously set-up models to engage their employees on gig-based projects.
Since the employees have been indulging in moonlighting, these companies are doubling down on these projects. This additional responsibility work is partly fueled by the flexibility provided due to the work from home option.
A platform called “Accelerate” is being developed by the company to help employees work on gig projects within the company apart from their main project.
The CEO Salil Parekh said the company does not support dual employment and the internal platform – open only for its employees – receives almost 4,000 applications every quarter.
The attrition number, which has gone above the 20% mark, is expected to come down significantly in the next 3-4 quarters, said TCS. The CEO added that “The LTM (last 12-months) number will not come down because of the way it is calculated”.
Despite the talent crunch issue settling across the industry, the attrition rate of the company spiked to 21.5% in the second quarter compared with 19.7% in the previous quarter.
As per the company, the attrition would stabilize as the freshers hired aggressively over the past year have achieved some level of maturity in the system.
Since the July-September quarter, the company has shifted fully to on-campus training of freshers.
Accounting to 90% of the company’s total attrition, is the junior levels (0-3 years’ experience).
He said that “We don’t have a challenge in middle- or senior-management levels. That is also something which we don’t want to happen. But from a numbers standpoint, at the lowest level is where 90% of the (overall) attrition is happening”.